Dewan Farooque Motors Limited (DFML) has fallen victim to a severe cyberattack that significantly disrupted its IT infrastructure and corrupted critical corporate data.
In a notice to the Pakistan Stock Exchange (PSX) on November 28, 2024, DFML revealed the extent of the damage.
“We regret to inform you that owing to malware and cyber-attack, our IT servers have crashed, and data have been badly corrupted, resulting in postponing the board meeting,” the company stated.
DFML’s operations and access to critical financial and operational data were severely impacted, with the recovery process expected to take considerable time.
The cyberattack was first referenced in a prior communication on November 26, 2024, where the company informed stakeholders about rescheduling the meeting originally set for November 28.
DFML informed its stakeholders that restoring its information systems and financial data, including records for the first quarter ending September 30, 2024, will require substantial time. As a result, the company decided to postpone its Board of Directors meeting until the data recovery process is completed. The revised date for the meeting will be announced in due course.
Dewan Farooque Motors Limited, established in Pakistan on December 28, 1998, as a public limited company, focuses on assembling, progressively manufacturing, and selling vehicles within the country.
The incident underscored the escalating threat of cybercrime in Pakistan.
Over the past few years, numerous organizations, including government agencies and private companies, have become targets of such attacks. In April 2024, Pak Suzuki Motor Company (PSMC) faced a similar breach that resulted in the leakage of sensitive data.
Cyberattacks, defined as assaults by cybercriminals targeting computers or networks, can lead to service disruptions, data theft, and further attacks using compromised systems.
Organizations must invest in advanced cybersecurity solutions and enforce strict protocols to safeguard their digital assets. As cyber threats evolve, proactive measures are crucial to protecting sensitive information and ensuring operational continuity.